A lecturer at the University of West London has praised the Head of the Economic Management Team and Vice President of the Republic of Ghana, Dr Mahamudu Bawumia for his far-sighted economic administrative skills which made Ghana one of the fastest growing economies in the world in 2018 stating that it is an indication of a prosperous 2019.
According to Dr. Dacosta Aboagye in an exclusive interview with MyNewsGh.com, 2019 would be prosperous because the government has performed and managed key macroeconomic indicators needed for development like economic growth, inflation, interest rates, performance of different sectors of the economy and some bold innovative initiatives.
Dr Aboagye observed that Ghana is seeing a repeat of huge GDP growths under the NPP non-oil economy from 2001 to 2008 under the economic management team of former President Kufuor. The trend of GDP growths at the time increased from 4.0% in 2001 to 8.4% in 2008. He noted
Supporting his arguments, Dr Aboagye cited facts of Ghana’s GDP growths from 2001 as 4.0% in 2001, 4.50% in 2002, 5.20% in 2003, 5.6% in 2004, 5.9% in 2005, 6.4% in 2006, 6.5% in 2007 and 8.4% in 2008. This according to him were figures from the Ghana Statistical Service.
Dr Aboagye further stated that, the GDP trajectories from 2009 to 2016 were fluctuating with increasing and decreasing trends from 4.0% in 2009, 8.0% in 2010, 15.0% in 2011, 8.8% in 2012, 7.6% in 2013, 6.9% in 2014, 3.9% in 2015 and 3.7% in 2016.
“The lowest performances of the economy in 2015 and 2016, where GPD growths were 3.9% and 3.7% respectively saw Ghana operating under a life -support credit facility from the World Bank to stabilise macroeconomic milieu, policy credibility and a fast depreciating cedi”, he argued.
According to Dr Aboagye, since Dr Bawumia assumed the responsibility of the head of the economic management team in 2017, his performance has put Ghana’s economy on a strong and concrete progression.
“In 2017, GPD growth was 8.4% and by 31st December 2018, GPD growth is expected to be around 6.2%. This huge two GPD growths of 2017 and 2018 means Dr Bawumia is building Ghana’s economy on concrete”. He recounted.
Dr Aboagye further noted that annual inflation rate in Ghana was down to 9.3% in November 2018 from 9.5% in the previous month. Therefore , considering that annual inflation is at lowest since December 2012, with cost of food and non-food being slowed and the two huge GDP growths in 2017 and 2018, Ghana is set enjoy its economic prosperous in 2019.
“Dr Bawumia as head of the economic management team and vice president of the republic has put Ghana’s economy on concrete for a prosperous 2019 and beyond”. Dr Aboagye indicated.
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